The move has been implemented to provide further support for homebuyers according to ACT Chief Minister Andrew Barr.

The new duty free threshold will take effect from 1 April 2022 and the Government will look to further extend the concession annually.

Mr Barr said today’s announcement is a significant expansion of the scheme the Government introduced last year.

"The maximum property value will increase from $500,000 to $600,000 to ensure the concession continues to support housing purchases by owner occupiers at the entry level of the market," he said.

"The Government is continuing to remove inefficient taxes on properties at the entry level of the housing market to make it easier for Canberrans to purchase their first home or downsize to a property that better suits their needs.

"These tax incentives are also designed to encourage an increased supply of new properties below the duty threshold.

"The Government is also continuing work on a range of additional priorities to address housing supply at the entry level of the market.

"This includes attracting build-to-rent investments, partnering with the community housing sector on below market rental projects and the delivery of our public housing growth and renewal program."

Housing data released today from the ABS shows Canberra residential property prices increased 28.8% over the twelve months to December 2021 and now has a median price of over $1 million. 

The wider ACT has a median dwelling price of nearly $980,000. 

Tasmania increases stamp duty threshold

As of 1 March prospective home buyers in Tasmania also will have access to an increased minimum for the stamp duty exemption. 

Michael Ferguson, Minister for State Development, Construction and Housing in Tasmania said the decision was part of a plan to secure Tasmania's future. 

"All Stamp Duty and First Home-Owner grants and concessions will be increased to a $600,000 threshold," he said. 

"Including the previous changes, this results in a 50% increase, keeping in line with rising property prices.

"This means that an eligible first home buyer, or a pensioner purchasing a downsized property, will save around $11,250 on property duty when buying a $600,000 home.

"Additionally, the Government is retaining the First Home Owner Grant at $30,000 for the 2022/23 financial year."

Data released today from the ABS shows the median house in Hobart now is over $745,000 following a 29.8% increase for the twelve months to December 2021.

Queensland yet to bump

The sunshine state, and Brisbane in particular, has experienced the third strongest median increase in property throughout the pandemic of any capital city. 

Brisbane residential property prices increased 27.8% during 2021 yet the stamp duty threshold for first home buyers remains $540,000.

Brisbane's median house price hit $765,000 in the December 2021 quarter while it was $510,000 for the rest of the state.

Read more: Is it time for Queensland’s stamp duty threshold to get bumped up? 


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